FxWirePro: USD/CAD Maintains Bullish Bias With Focus on 1.3150 Levels
31 May 2016, 18:33
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FxWirePro: USD/CAD Maintains Bullish Bias With Focus on 1.3150 Levels
- USD/CAD gathered momentum on Tuesday after Canadian economic growth accelerated less than expected in the first three months of the year and boding poorly for second quarter that is expected to be impacted by Alberta’s wildfires.
- Gross domestic product grew at 2.4 percent in the first quarter, short of analysts’ expectations for 2.9 percent.
- Currently the pair is trading at 1.3082 levels, it is set to advance further towards 1.3100 and later 1.3150 levels in the short term.
- Major support can be seen at 1.2963, break below this level will expose the pair to next support level at 1.2900.
- Immediate resistance can be seen at 1.3092, break above this level will expose it towards 1.3119 levels. Resistance Levels R1: 1.3092 (38.2% Retracement level) R2: 1.3119 (May 25th highs) R3: 1.3174 (23.6% Retracement level) Support Levels S1: 1.3027 (50% Retracement level) S2: 1.3000 (Psychological levels) S3: 1.2963 (61.8 % Retracement level)
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